{"id":20931,"date":"2018-01-15T10:16:44","date_gmt":"2018-01-15T18:16:44","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=20931"},"modified":"2018-01-15T10:35:08","modified_gmt":"2018-01-15T18:35:08","slug":"carnage-in-pennsylvania-fortune-cup-takes-on-sigma-derby","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/carnage-in-pennsylvania-fortune-cup-takes-on-sigma-derby\/","title":{"rendered":"Carnage in Pennsylvania; Fortune Cup takes on Sigma Derby"},"content":{"rendered":"

*Slot revenues at Pennsylvania<\/strong> casinos are in and if JP Morgan<\/strong>‘s numbers are correct they were terrible. According to Morgan analysts slot winnings dove 27%, bottoming out at \"\"$187.5 million. Worst off was Sands Bethlehem<\/strong> ($25 million), sinking 44%, followed by Parx Casino<\/strong>, tumbling 28% to $33 million. The best of the worst was Lady Luck Nemacolin<\/strong> ($2 million), only off 6%. SugarHouse Casino<\/strong> plunged 41% to $14 million (a palindromic plunge), while sibling Rivers Casino<\/strong> was down 17.5% to $23 million. Harrah’s Philadelphia<\/strong> fell 27% to $16 million. Valley Forge Resort Casino<\/strong> eked out $7 million, falling 23.5%. The litany of woe continued outstate at Mount Airy<\/strong> ($10.5 million), down 21%, Mohegan Sun<\/strong> ($16 million), minus 20%, and Presque Isle Downs<\/strong> ($8) million, down 10%. The Meadows Racino<\/strong> ($16.5 million) took an 18% hit and Penn National<\/strong>‘s eponymous racino fell 16% to $17 million. That’s the end of the carnage and thank God for that.<\/p>\n

* Detroit<\/strong>‘s casino market was nothing to write home about last month. MGM Grand Detroit<\/strong> was down 2%, albeit with $50 million in the kitty. Motor City<\/strong>, with $40 million, was flat and Greektown Hotel-Casino<\/strong> was also flat, bringing up the rear with $26 million. Slots vastly dominate the market, which grossed $1.4 billion<\/a> last year.<\/p>\n

* West Virginia<\/strong> is try, trying again<\/a> with both sports betting and Internet<\/strong> gambling. The latter would only be available to players 21 or older, with geofencing mandated. The bill is business-friendly, with a 14% tax rate and $50,000 licensing fee. Perhaps the underwhelming results in Nevada<\/strong> and Delaware<\/strong> have moved West Virginia politicos towards saner expectations for online gambling. Although Speaker of the House Tim Armstead<\/strong> (R) has been opposed in the past, proponents and quietly optimistic this time around. We’ll see.<\/p>\n

* As the Mashpee Wampanoags<\/strong> seemingly back away from a Massachusetts<\/strong> casino, the Wampanoag Tribe of Gay Head<\/strong> moves to fill the void. In a bit of political jujitsu, the band hopes to use Martha’s Vineyard<\/strong>‘s aversion to a casino to open up possibilities \"\"on the mainland. Although Chairwoman Cheryl Andrews-Maltais<\/strong> maintains that the tribe’s focus is Martha’s Vineyard, the Aquinnah have a history of kicking the tires on mainland opportunities<\/a>, most notably in New Bedford<\/strong>. Two other ventures were rejected at the ballot box.<\/p>\n

\u201cFrom a marketing standpoint\u00a0[Martha’s Vineyard]\u00a0is just a horrible location for a casino,\u201d says casino expert Clyde Barrow<\/strong>.\u00a0\u201cYou don\u2019t go to Martha\u2019s Vineyard to play slot machines.\u201d On the other hand, he points out, putting a tribal casino on the mainland would mean amending the 2011 casino enabling legislation (which juiced the Mashpee Wampanoag into a casino for southeastern Massachusetts).\u00a0\u201cIf they were to go down that road, it\u2019s another decade away, in my view.\u00a0It\u2019s way down the road and a lot of politics.\u201d Since a Vineyard Class II casino wouldn’t have to compact with the state, it could keep all of its projected $3 million annual gross for itself. Although not directly involved, both the Massachusetts Gaming Commission<\/strong> and Gov. Charlie Baker<\/strong> (R) say they are following the story with interest … as are we.<\/p>\n